Gray Media Slides To Loss In Q2; Stock Fell In Pre-market

(RTTNews) - Gray Media, Inc. (GTN), a television broadcasting company, reported its net loss in the second quarter on Friday, compared to the same period last year.

For the second quarter, the net loss attributable to stockholders was $69 million, compared with a profit of $9 million in the same period last year.

Loss per share was $0.71 versus earnings per share of $0.09 last year.

Two analysts, on average, had expected the company to report a loss of $0.28 per share. Analysts' estimates typically exclude special items.

Adjusted EBITDA declined to $169 million from $225 million in the prior year.

Operating income decreased to $82 million from $152 million in the previous year.

Core advertising revenue slid to $361 million from $373 million last year.

Revenue declined 7 percent to $772 million from $826 million in the prior year.

Further, the company expects to close the transactions with Scripps, SGH, and BCI in the fourth quarter of the year, pending regulatory and other customary approvals, including certain waivers.

For the quarter ending September 30, the company expects core advertising revenue to decline from the year-ago period, partly due to the impact of the 2024 Olympic Games in the prior year's third quarter.

The company now expects core advertising revenue to range between $345 million and $355 million.

Total revenue for the third quarter is expected to range between $735 million and $750 million.

In the pre-market trading, Gray Media is 5.64% lesser at $3.9300 on the New York Stock Exchange.